Micro-electro-mechanical systems (MEMS) based techniques can outperform conventional materials characterization tools in terms of specimen size and resolution. In addition, multi-functioning as well as access to analytical microscopy is also feasible for complete multi-physics characterization. We present the design and fabrication of a versatile tool that can perform mechanical, electrical and thermal characterization of nanoscale freestanding thin films. The tool is smaller than 3mm x 5mm and is compatible with virtually all types of analytical chambers. This feature allows 'in-situ' studies inside electron microscopes for real time acquisition of composition, microstructure and defect evolution and dynamics data. The unique advantage of such simultaneous acquisition of quantitative and qualitative data can be realized through accurate and quick 'observation-based' modeling of materials behavior. We present preliminary studies on multiphysics, as well as single domain characterization to demonstrate the novel experimental technique.